Cloud Audit Suite offers complete integration between audit methodology and workflows, and timely updates to templates for changes in audit standards make it considerably easier and faster for auditors to ensure compliance with the latest audit regulations.
The product will reduce the risk of manual errors in audits with automation technology, ensuring that auditors do not have to input the same information multiple times, helping auditors to better assess and respond to risks. The automation technology significantly reduces the time spent by auditors in carrying out basic tasks, enabling them to focus on areas of higher risk and value that require critical thinking.
As all the audit work is stored on the cloud, multiple stakeholders can securely access individual audit projects from anywhere – allowing an audit team to work much more collaboratively. Version control technology ensures that only the permitted individuals may edit audit documentation.
The product aims to both simplify and speed up the audit process by hosting all engagements in one easy-to-use interface, with intuitive workflows to guide auditors throughout each stage of the process.
ICAEW former chair of the office of tax simplification, Kathryn Cearns, was a major contributor to the audit methodology. She has served as a board member on several high-profile public bodies and has extensive expertise in financial reporting, auditing standards and corporate governance.
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Cloud Audit Suite has been a market-leading product in the United States, where its methodology has been developed over 35 years and used by over a thousand audit firms. Thomson Reuters has tailored its ground-breaking technology for the UK audit market, enabling firms to design a risk-based audit approach for any size entity.
Thomson Reuters vice president of product management, John Hiller, said: “As the UK’s audit profession prepares itself for long-awaited reform, technology such as the Cloud Audit Suite will make it considerably easier for auditors to deliver high-quality audits. A key benefit of the product is that it will significantly speed up the time to complete audits, improving efficiency within firms.”
Cloud Audit Suite includes an integration with Thomson Reuters Confirmation, the leading global platform for audit firms to verify financial data as part of a trusted, quality audit. This integration speeds up the process of confirming financial data and provides the market’s only guaranteed response from more than 4,000 banks included in the Confirmation network.
The product also contains templates and embedded practical guidance developed by industry-leading experts, providing a valuable training resource for junior audit professionals.
Thomson Reuters continues to provide innovative solutions to help businesses navigate the complex and evolving regulatory environment. The introduction of Cloud Audit Suite in the UK is a significant step forward in making auditing more efficient, accurate, and accessible.